Fun

Argentinian Central Bank to Lift Freeze on Bank Fee Increases: Sets the Ceiling for Future Hikes at 9%

News Feed - 2020-11-08 07:11:59

Argentinian Central Bank to Lift Freeze on Bank Fee Increases: Sets the Ceiling for Future Hikes at 9%


The Central Bank of the Argentine Republic says starting in January 2021, financial institutions will be able to increase the fees or commission they levy for services rendered. In its November 5 update, which effectively ends the February 19 freeze on any fee hikes, the central bank says such increases should not exceed 9% each month.


Furthermore, the country’s regulations require financial institutions to communicate any intention to increase such commissions 60 days in advance.


In the update, the central bank provides a list of the types of financial services where the authorization of the increases will be applicable and these include:


“(The) issuance of additional debit cards, replacement of debit cards due to theft or loss; use of ATMs (outside of the entity’s operating houses, another entity and / or network) and services for the extraction of funds through terminals at points of sale and cash withdrawals from the account by the owner or a third party.”


The update also adds that “financial entities may also order increases in commissions for other financial products and services, such as those related to the safe deposit box service, with the operation with securities and with the bank checking account.”


In February, the central bank announced the freezing of such commission increases part of the crisis-prone country’s response to the effects of Covid-19. However, some citizens of the country are voicing their displeasure at the lifting of the freeze.


On Twitter, users are criticizing the central bank’s approval of the commission hikes while others are seizing on this highlight to alternatives like bitcoin that are available to Argentinian citizens.


Also seizing on this is Athena Bitcoin, a company that now has 14 bitcoin ATMs installed around the country. In a Facebook update, the company reminds its followers that it already has an additional ATM at one supermarket in Palermo.



Athena, which deployed its first bitcoin ATM in 2018, now has similar installations in Buenos Aires, Avellaneda, La Plata, San Fernando, Córdoba, and Mendoza, according to a report.


What do you think of the pending banking commission increases? Share your view in the comments section below. Canada"s Tax Authority Asks Court to Force Crypto Exchange to Hand Over Data on All Users REGULATION | 4 hours ago 39 Firms Have Applied to Offer Crypto Services Under New Regulation, Says Dutch Central Bank REGULATION | 21 hours ago Tags in this story Athena Bitcoin, bank checking account, bank service commission, Bitcoin ATM, cash withdrawals, Central Bank, Central Bank of the Argentine Republic, COVID-19, Financial Institutions


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

DeFi’s ‘unknown and unpredictable’ risks curb institutional use — Fireblocks VP
Jesse Coghlan11 hours agoDeFi’s ‘unknown and unpredictable’ risks curb institutional use — Fireblocks VPInstitutions are keen on DeFi, and its use among them is growing, but on-chain risks are hamstringing furth
Report: Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors 
Report: Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors  Another member of Sam Bankman-Fried’s inner circle allegedly plans to plead g
Marcel Pechman7 hours agoDoes high US consumer debt benefit Bitcoin price?Cointelegraph analyst and writer Marcel Pechman breaks down consumer debt and why it might lead to a good outcome for BTC.1243 Total views51 Total
Brayden Lindrea3 hours agoBarnBridge DAO calls halt to ‘all work’ on DeFi protocol amid SEC probeSome DAO members joked about the situation, while others believed an ulterior motive might be at play.914 Total views1
Report: FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisition Deals
Report: FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisition Deals Billionaire and FTX co-founder Sam Bankman-Fried said the leading crypto asset exchange aims to
Bitcoin Price Outlook for August: BTC Faces Some Important Tests in the Coming Weeks
Bitcoin Price Outlook for August: BTC Faces Some Important Tests in the Coming Weeks Exactly one month ago today, bitcoin was trading below $20,000 per unit as crypto markets conti
Bittrex Receives Wells Notice From SEC for Alleged Investor-Protection Law Violations
Bittrex Receives Wells Notice From SEC for Alleged Investor-Protection Law Violations According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from
Gareth Jenkinson11 hours agoOasis launches Ethereum-compatible privacy blockchain SapphireThe new developer environment aims to drive privacy-first, cross-chain DApp development for the Ethereum ecosystem and smart contr
Bitrue Ventures launches Web3-focused $40M investment fund
Arijit Sarkar2 hours agoBitrue Ventures launches Web3-focused $40M investment fundBitrue Ventures’ new fund aims to support Web3 startups with up to $200,000 in investment, offering extensive industry resources.1276 To
AI researchers want to solve bot problem by requiring ID to use internet
Tristan Greene4 hours agoAI researchers want to solve bot problem by requiring ID to use internetThe researchers based their ideas on “proof of personhood” technologies developed by the blockchain community.1101 Tota
Bitcoin price loses $60K support to hit 2-month lows
William Suberg38 minutes agoBitcoin price loses $60K support to hit 2-month lowsBitcoin traders feel the sting of $160 million liquidations as BTC price returns to levels not seen since February.933 Total viewsListen to
Investcorp announces real-world asset tokenization fund
Vince Quill6 hours agoInvestcorp announces real-world asset tokenization fundInvestcorp’s Strategic Capital Group currently has $1.5 billion in assets under management and will handle the collaborative deals.555 Total